You don't need a hell of a lot of money to make the statues to come alive, in the book it was said that they resembled mean looking white guys painted black (not africans). So you can do this relatively cheaply:
Cheap talent, that's easy.
Maybe 2-3 cameras at most.
The sets: will be the most expensive by making the hall of the statues.
the marshland is cheap to rent,
the wooden boat, easy
the forested island, a little tougher
the grey ape costume and to make it convincing is going to be pretty tough to do well
the pirate crew, easy but expensive since you need to pay a lot of them
the pirate ship mockup is going to be expensive since you may need to build a mock up of one, or at least an angle of it, so you can put it in the distance.
$2mil is feasible, but you are cutting it close.
You wont get the barcelona philharmonic to perform your songs by basil poledouris, either.
If they upped to $5mill, I think they could do it pretty well.

Doesn't look good.
Looks more like a vehicle to get the 'leading man' into acting jobs rather than a well thought out film in its own right. I would be extremely surprised if this didn't just come across as a cheap turkey!